DDM Analysis: ZMH.TA

Valuation Snapshot

Stable Growth	$321.50 - $378.78	$354.97
Multi-Stage	$66.95 - $73.24	$70.04
Blended Fair Value	$212.50
Current Price	$42.10
Upside	404.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.41%	34.96%	1.50	0.84	2.50	0.50	0.86	0.73	0.80	0.82	0.17	0.44
YoY Growth	-	-	78.57%	-66.40%	400.00%	-42.20%	18.09%	-9.01%	-1.83%	368.57%	-60.45%	491.18%
Dividend Yield	-	-	4.13%	2.79%	11.68%	1.36%	3.72%	5.89%	7.41%	6.81%	1.30%	4.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	38.15
(-) Cash Dividends Paid (M)	28.20
(=) Cash Retained (M)	9.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.63	4.77	2.86
Cash Retained (M)	9.95	9.95	9.95
(-) Cash Required (M)	-7.63	-4.77	-2.86
(=) Excess Retained (M)	2.32	5.18	7.09
(/) Shares Outstanding (M)	20.03	20.03	20.03
(=) Excess Retained per Share	0.12	0.26	0.35
LTM Dividend per Share	1.41	1.41	1.41
(+) Excess Retained per Share	0.12	0.26	0.35
(=) Adjusted Dividend	1.52	1.67	1.76
WACC / Discount Rate	6.00%	6.00%	6.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$321.50	$354.97	$378.78
Upside / Downside	663.65%	743.16%	799.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38.15	40.63	43.27	46.08	49.08	52.27	53.84
Payout Ratio	73.92%	77.13%	80.35%	83.57%	86.78%	90.00%	92.50%
Projected Dividends (M)	28.20	31.34	34.77	38.51	42.59	47.04	49.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.00%	6.00%	6.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	29.29	29.57	29.84
Year 2 PV (M)	30.37	30.94	31.53
Year 3 PV (M)	31.43	32.34	33.26
Year 4 PV (M)	32.49	33.74	35.02
Year 5 PV (M)	33.54	35.15	36.84
PV of Terminal Value (M)	1,183.95	1,241.13	1,300.51
Equity Value (M)	1,341.06	1,402.87	1,467.00
Shares Outstanding (M)	20.03	20.03	20.03
Fair Value	$66.95	$70.04	$73.24
Upside / Downside	59.03%	66.36%	73.96%

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Z.M.H Hammerman Ltd (ZMH.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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